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Money Dow jumps 300 points as stocks bounce back from their worst week in 2 years

18:21  12 february  2018
18:21  12 february  2018 Source:   cnbc.com

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U.S. stocks rose sharply on Monday as the major indexes rebounded from their worst weekly performances in two years.

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The Dow Jones industrial average rose 307 points after gaining as much as 369 points. Cisco Systems and Apple were the best-performing stocks in the Dow, advancing 2.7 percent and 2 percent, respectively.

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Man loses $10,000 trying to time market using credit card

  Man loses $10,000 trying to time market using credit card Day trading is treacherous in a volatile market and the competition is fierce.Unfortunately, it backfired.

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The S&P 500 gained 1.1 percent, with energy and materials as the best-performing sectors. Utilities and real estate were the only sectors trading lower as interest rates climbed higher. The Nasdaq composite advanced 1.2 percent.

The Dow and S&P 500 both pulled back 5.2 percent last week, notching their worst weekly declines since January 2016. The Nasdaq composite, meanwhile, dropped 5.1 percent, marking its biggest one-week pullback since February 2016. The indexes also dipped into correction territory.

The 30-stock Dow closed more than 1,000 points lower twice last week and rose more than 300 points in two other trading days. The S&P 500, meanwhile, posted moves greater than 1 percent in four-of-five trading days last week.

"This looks like a corrective phase rather than the start of a bear market," said Katie Stockton, founder of Fairlead Strategies. "The biggest risk to the marker prior to this sell-off was sentiment and we've seen that go from overly bullish to overly bearish."

China's Record Era of Market Calm Shatters in World's Worst Drop

  China's Record Era of Market Calm Shatters in World's Worst Drop As global equity investors reel from the biggest selloff in two years, nowhere has the pain been more acute than in China and Hong Kong. Benchmark indexes for the world’s second- and fourth-largest stock markets have fallen faster than any of their major peers since the global rout began late last month. With the losses deepening on Friday to more than 12 percent, both markets were poised to snap their longest-ever streaks without a 10 percent correction.

Stockton noted, however, it could take a few more weeks until this correction is over.

The major indexes closed out last week on a high note, with the Dow rising 330 points on Friday while the S&P 500 and Nasdaq gained more than 1.4 percent.

Investors have been on edge as of late over concerns surrounding higher interest rates, therefore moves in the bond market will continue to be of key importance going forward. The benchmark 10-year U.S. note yield rose to a four-year high on Monday before trading at 2.851 percent.

The latest move higher follows news that the White House will unveil a long-awaited infrastructure plan that includes $200 billion in federal infrastructure spending over 10 years.

"It is no surprise that Trump's agenda will provide a great deal of fiscal stimulus from tax cuts, and more spending on defense and infrastructure," said Ed Yardeni, president and chief investment strategist at Yardeni Research. "The jury is still out on whether all that fiscal stimulus will revive inflation. "[We] don't think so, but the Bond Vigilantes are saddling up." He also said his firm raised its 2018 forecast on the 10-year yield to a range of 3-to-3.5 percent.

Elsewhere, oil prices posted sharp gains during the first day of the trading week, as markets regained some of their footing across the globe. U.S crude was trading around $60.14 at 10:06 a.m. ET, while Brent futures hovered around $63.64.

NewsAlert: Toutant wins Olympic gold in big air .
Canada's Sebastien Toutant has won gold in men's big air at the Pyeongchang Winter Games. The 25-year-old from L'Assomption, Que., scored 84.75 points on his first run and 89.50 on his second for a combined 174.25 points. Toutant didn't land his final run, but he didn't need to.

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